Cryptocurrency Price Analysis: Bitcoin

Learn about the latest on the Bitcoin price with reports from the Cryptocurrency Price Analysis. Read our analysis on trends and behavior.

Bitcoin has made gains over the final weekend (amounting to the last few days) of September. At its current value of $6,566.01, it rose by almost $250 from mid last week’s low price of $6,318.

Key Motions Of The Bitcoin Price

As per the graph, Bitcoin’s value has recently exited from the triangle pattern it has held for the past month.

Starting at approximately September 5th through the entirety of the month, Bitcoin had remained at a price well below $7,000 (except for one of the last days of September).

If losses are kept in check, Bitcoin could climb in value to a price as high as the triangle’s height.

The price has recently closed past the top of its triangle form, but this may reverse.

Technical Components

In observation of the Technical Indicators Signals: the 100 Simple Moving Average (SMA) is currently below the longer-term 200 SMA, which shows that the direction towards least resistance is declining. This means that there still lies the chance of a resuming selloff.

The narrowing gap between moving averages, however, reveals a weakening selling pressure and the possibility of a bullish coupling.

If the bullish motion occurs, the price could reach the same height as the triangle pattern, which runs between approximately $6,000 to $8,500.

The stochastic is moving upwards, confirming that buyers are in control, although the oscillator is also approaching overbought levels, which demonstrates exhaustion.

Price Range Indications

Bitcoin has closed off September with a relatively declining price, though analysts infer the value will reach a sturdy rebound before the year’s end. Tom Lee, the head analyst at Fundstrat, an independent research boutique, for example, believes that Bitcoin’s long-held grip in the $6,000 range is important, as it serves as the breakeven point for Bitcoin miners.

Lee stated that $6,000 is a healthy amount for Bitcoin’s price to sustain, as it will lead to catalysts that can raise its price towards the end of the year and beyond.

The Head Analyst said:

“$6,000 is a level that is more important than we realized. Earlier this year, we were pointing at $6,000 as breakeven for bitcoin mining, so that level should hold. The fact that bitcoin is holding here is very good news. I think there are catalysts in the year end, so I think despite the lower highs we’ve seen, I think we’re starting to reverse.”

Interested to learn more about the price of Bitcoin and other cryptocurrencies? Check out our news site for all things crypto, blockchain and fintech.

Summary

Article Name

Cryptocurrency Price Analysis: Bitcoin

Description

Learn about the latest on the Bitcoin price with reports from the Cryptocurrency Price Analysis. Read our analysis on trends and behavior.

Lorraine is a multidisciplinary writer who hails from a background in marketing and SEO. She has obtained a bachelor’s degree in English Rhetoric and Journalism at Hunter College. Her journalistic ventures have included reporting for a community newspaper in the Bronx and writing opinion pieces for her college newspaper, The Envoy. Although she does not own any cryptocurrency, she finds the crypto industry fascinating and expects crypto to exceed fiat usage one day.

You can also mail her/him at [email protected] to discuss anything related to her/his reports.

Ibinex News Media LLP (news.ibinex.com) is an independent news media publishing house which provides blockchain, ICO & Cryptocurrency news updates. Our aim is to provide our readers with well researched and analytical updates from the world of cryptocurrency & blockchain. We are one of the first-ever cryptocurrency media agency in the Philippines.

We strive to help our readers gain valuable, trust-worthy insights through high-quality, well-researched and in-depth analysis-based news stories and views from the digital currency world. Our young and dynamic team is comprised of well-known journalists as well as Cryptocurrency & Blockchain Experts from all over the Philippines.